Cot 05/05

[B]Implications: [/B][B]Bullish[/B]

[B]GBP[/B]: GBP positioning is similar to Euro positioning. [B]The 52 and 13 week indexes are both at 0. Both indexes indicate a bearish extreme but extremes can last for weeks (in fact, GBP positioning has indicated a bearish extreme off and on since mid December). Still, risk has shifted to the upside. [/B]